Why Monitoring Competitors Is Good for Your Marketing

Why Monitoring Competitors Is Good for Your Marketing

Monitoring competitors provides much more insight than mere industry awareness. Instead, checking out your competition can help you develop a strong marketing strategy while drastically improving content curation. Though previously associated with imitation, watching another’s business and commercialization efforts can actually help you uncover powerful information about your target audience, reveal lessons learned and highlight important industry trends. Learn more about these top strategies for competition monitoring and uncover the benefits of anticipating trends.

Develop Better Content

Curating better quality content isn’t reliant on copying what the next guy in your industry is doing. Instead, monitoring competitors can reveal a lot about what your target audience is interested in and engaging with.

Take a look at the social media channels for your top competitors. What kind of content are they sharing with their followers and how are those followers engaging and interacting with it? Does your competition’s audience have questions sparked by the industry, problems or information presented?

By studying how people are interacting with your competition’s content and marketing efforts, you can find what you can do differently, what you can dive deeper into and what problems you can highlight solutions for.

Improve SEO and Targeting

Keywords are an important part of search engine optimization. But as important as keywords are to your website strategy, knowing which ones to target can be a difficult task. Monitoring your competition’s keywords can be a great way to uncover where you’re missing the mark and we’re you can capitalize and strengthen your lead. Find out which they’re missing and take advantage by including them in your own keyword strategy.

Use competitive monitoring tools for checking out your competition to save time and valuable resources while gaining real, actionable insight into competitive marketing. That way, you will come up with innovative ideas and have the time to put them into practice.

Understand Industry Problems

One of the most important reasons you should be checking out your competition is to gain a greater understanding of the problems they are solving, and how your target audience relates to those problems. What solutions is your rival providing in response to industry problems?

With a more concise view of the fixes they are offering, you can position your own in a more thoughtful way based on audience feedback, questions, and engagement.

Gain Broader Insight

While it is important to monitor competitors who have similar offerings and the same target audience demographics, don’t be afraid to look at what less direct competitors are doing and how they’re speaking to your industry. In order to remain a leader, it’s imperative to stay up on the latest trends from across the gamut of your entire industry.

According to Business Insider, many industry titans have developed methods of scoping out their competition. Some of the other beneficial methods of monitoring include:

  • Attending a competitor’s conference.
  • Investing in industry research and reporting.
  • Asking your customers how they feel about the industry climate and your competition.

There is so much more to monitoring competitors than understanding their strategy. In contrast, you can reveal easy ways to the heart of the consumers, learn a few lessons and find marketing opportunities by understanding their customer base, communications, and strategy.

This was a guest article by Dustin Ford, a Colorado-based writer passionate about technology, gadgets, and online marketing. Dustin is also the founder of TechExploring, providing news, reviews and updates on every aspect of technology worldwide. 

Image source: depositphotos

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Written by Scott Mackin

Scott Mackin is a digital marketing expert with 10 years of professional experience in communication strategy across the United States and Europe. He holds an MBA from the University of San Diego, has founded companies on two continents and is currently battling an unnatural obsession with inbound marketing and social selling. You can track all of his endeavors on LinkedIn and Twitter. (or by simply adding him as your competitor on Kompyte ;)

2 Comments

  1. I’ve just started using ahrefs for my competitive intelligence (monitoring http://www.ustranslation.com competitors) and it is great.

    Reply
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